Quarterly Market Review

[Third Quarter 2018]

www.rathbonewarwick.com Quarterly Market Review [Third Quarter 2018]

This report features world capital market performance Overview: and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and Market Summary bond asset classes in the US and international markets. World Stock Market Performance The report also illustrates the impact of globally diversified portfolios and features a quarterly topic. World Asset Classes US Stocks International Developed Stocks Emerging Markets Stocks Select Country Performance Select Currency Performance vs. US Dollar Real Estate Investment Trusts (REITs) Commodities Fixed Income Impact of Diversification

Rathbone Warwick Investment Management (“RWIM”) is a Registered Investment Adviser. This document is solely for informational purposes. Advisory services are only offered to clients or prospective clients where RWIM and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by RWIM unless a client service agreement is in place.

www.rathbonewarwick.com Market Summary [Index Returns]

Global International Emerging Global Bond US Stock Developed Markets Real US Bond Market Market Stocks Stocks Estate Market ex US

Q3 2018 STOCKS BONDS

7.12% 1.31% -1.09% -0.03% 0.02% -0.17%

Since Jan. 2001

Avg. Quarterly Return 2.0% 1.5% 2.9% 2.6% 1.1% 1.1%

Best 16.8% 25.9% 34.7% 32.3% 4.6% 4.6% Quarter 2009 Q2 2009 Q2 2009 Q2 2009 Q3 2001 Q3 2008 Q4

Worst -22.8% -21.2% -27.6% -36.1% -3.0% -2.7% Quarter 2008 Q4 2008 Q4 2008 Q4 2008 Q4 2016 Q4 2015 Q2

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: US Stock Market (Russell 3000 Index), International Developed Stocks (MSCI World ex USA Index [net div.]), Emerging Markets (MSCI Emerging Markets Index [net div.]), Global Real Estate (S&P Global REIT Index [net div.]), US Bond Market (Bloomberg Barclays US Aggregate Bond Index), and Global Bond Market ex US (Bloomberg Barclays Global Aggregate ex-USD Bond Index [hedged to USD]). S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2018, all rights reserved. Bloomberg Barclays data provided by Bloomberg. FTSE fixed income © 2018 FTSE Fixed Income LLC, all rights reserved.

www.rathbonewarwick.com World Stock Market Performance [MSCI All Country World Index with selected headlines from Q3 2018]

270 “Fed Raises “Japan, EU Sign Trade “Nasdaq Crosses “Rising US Consumer Interest Rates, Deal: ‘We Stand 8000 Threshold Prices Are Eroding Signals One Together against for First Time” Wage Gains” More Increase Protectionism’” “US Economy Grew “Resignations Over “China’s Trade This Year” 260 at 4.1% Rate in “Greece’s Bailouts May’s Brexit Plan Surplus with Second Quarter” End, but Its Throw UK US Hits New Prospects Still Government into Record” Look Grim” Turmoil” “US Consumer “US Factory 250 “US Pressures Confidence Hits “US Jobless Sector Clocks China with 18-Year High” “Deficit Projected Claims Hit Strongest Punitive Trade, “Youth Unemployment to Top $1 Trillion Lowest Level Growth in Defense Hits 52-Year Low” Starting Next since 1969” 14 Years” Measures” Year” 240

230

220 July Aug Sep

These headlines are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a long-term perspective and avoid making investment decisions based solely on the news.

Graph Source: MSCI ACWI Index [net div.]. MSCI data © MSCI 2018, all rights reserved. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of an actual portfolio. Past performance is not a guarantee of future results. www.rathbonewarwick.com World Stock Market Performance [MSCI All Country World Index with selected headlines from past 12 months]

Short Term (Q4 2017–Q3 2018) “China’s Trade “US Economy Reaches “US, China Tariffs Surplus with US “Nasdaq Crests Hit American-Made Hits New Record” 270 Its Potential Output for 7000 as Tech “Congress Passes “Trump Pulls Products from First Time in Decade” “Profits Surge at Giants Roar Mammoth Spending US Out of Chips to Cars” Bill, Averts Shutdown” Big US Firms” 260 “New-Home Sales Into 2018” Iran Deal” Growth Surges to 250 25-Year High” “Nasdaq Crosses 240 8000 Threshold “Inflation Rate “Trump Signs “Yield on 10-Year US for First Time” Hits Six-Year 230 Sweeping Tax Government Bond “US Factory Overhaul Into “US Imposes New Hits 3% for First High in May” Tariffs, Ramping Activity Hits Law” Time in Years” “US Jobless “Fed Raises 220 Up 'America First' 13-Year High” Claims Hit Interest Rates, Trade Policy” Lowest Level Signals One 210 since 1969” More Increase This Year” 200 Long Term Last 12 190 (2000–Q3 2018) months 300 250 180 200 150 170 100 50 160 0 2000 2005 2010 2015 150 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 These headlines are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a long-term perspective and avoid making investment decisions based solely on the news.

Graph Source: MSCI ACWI Index [net div.]. MSCI data © MSCI 2018, all rights reserved. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of an actual portfolio. Past performance is not a guarantee of future results. www.rathbonewarwick.com World Asset Classes [Third Quarter 2018 Index Returns (%)]

Looking at broad market indices, the US outperformed non-US developed and emerging markets during the quarter.

Small caps underperformed large caps in the US, non-US developed, and emerging markets. The value effect was positive in emerging markets but negative in the US and non-US developed markets.

REIT indices underperformed equity market indices in both the US and non-US developed markets.

S&P 500 Index 7.71 Russell 1000 Index 7.42 Russell 3000 Index 7.12 Russell 1000 Value Index 5.70 Russell 2000 Index 3.58 MSCI Emerging Markets Value Index (net div.) 3.44 Russell 2000 Value Index 1.60 MSCI World ex USA Index (net div.) 1.31 MSCI World ex USA Value Index (net div.) 1.15 Dow Jones US Select REIT Index 0.72 MSCI All Country World ex USA Index (net div.) 0.71 One-Month US Treasury Bills 0.48 Bloomberg Barclays US Aggregate Bond Index 0.02 MSCI World ex USA Small Cap Index (net div.) -0.85 MSCI Emerging Markets Index (net div.) -1.09 S&P Global ex US REIT Index (net div.) -1.41 MSCI Emerging Markets Small Cap Index (net div.) -4.21

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. The S&P data is provided by Standard & Poor’s Index Services Group. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2018, all rights reserved. Dow Jones data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Bloomberg Barclays data provided by Bloomberg. Treasury bills © Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield).

www.rathbonewarwick.com US Stocks [Third Quarter 2018 Index Returns]

Ranked Returns for the Quarter (%) The US equity market posted a positive return, outperforming both non-US developed and emerging markets. Large Growth 9.17

Value underperformed growth in the US across large Large Cap 7.42 and small cap stocks. Marketwide 7.12

Small caps underperformed large caps in the US. Large Value 5.70

Small Growth 5.52

Small Cap 3.58

Small Value 1.60

World Market Capitalization—US Period Returns (%) * Annualized Asset Class YTD 1 Year 3 Years** 5 Years** 10 Years** Large Growth 17.09 26.30 20.55 16.58 14.31 Small Growth 15.76 21.06 17.98 12.14 12.65 Small Cap 11.51 15.24 17.12 11.07 11.11 55% Marketwide 10.57 17.58 17.07 13.46 12.01 US Market Large Cap 10.49 17.76 17.07 13.67 12.09 $29.7 trillion Small Value 7.14 9.33 16.12 9.91 9.52 Large Value 3.92 9.45 13.55 10.72 9.79

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: Marketwide (Russell 3000 Index), Large Cap (Russell 1000 Index), Large Cap Value (Russell 1000 Value Index), Large Cap Growth (Russell 1000 Growth Index), Small Cap (Russell 2000 Index), Small Cap Value (Russell 2000 Value Index), and Small Cap Growth (Russell 2000 Growth Index). World Market Cap represented by Russell 3000 Index, MSCI World ex USA IMI Index, and MSCI Emerging Markets IMI Index. Russell 3000 Index is used as the proxy for the US market. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2018, all rights reserved. www.rathbonewarwick.com International Developed Stocks [Third Quarter 2018 Index Returns]

Ranked Returns (%) Local currency US currency In US dollar terms, developed markets outside the US underperformed the US but outperformed emerging 2.14 Growth markets during the quarter. 1.46

Large cap value stocks underperformed large 2.06 Large Cap cap growth stocks in non-US developed markets; 1.31 however, small cap value outperformed small cap 1.98 Value growth. 1.15

Small caps underperformed large caps in non-US 0.04 Small Cap developed markets. -0.85

World Market Capitalization—International Developed Period Returns (%) * Annualized Asset Class YTD 1 Year 3 Years** 5 Years** 10 Years** Growth 0.39 5.47 9.91 5.37 5.78 Large Cap -1.50 2.67 9.32 4.24 5.18 34% Small Cap -2.28 3.42 12.23 7.07 9.04 International Value -3.43 -0.13 8.65 3.05 4.51 Developed Market $18.6 trillion

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: Large Cap (MSCI World ex USA Index), Small Cap (MSCI World ex USA Small Cap Index), Value (MSCI World ex USA Value Index), and Growth (MSCI World ex USA Growth Index). All index returns are net of withholding tax on dividends. World Market Cap represented by Russell 3000 Index, MSCI World ex USA IMI Index, and MSCI Emerging Markets IMI Index. MSCI World ex USA IMI Index is used as the proxy for the International Developed market. MSCI data © MSCI 2018, all rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. www.rathbonewarwick.com Emerging Markets Stocks [Third Quarter 2018 Index Returns]

In US dollar terms, emerging markets Ranked Returns (%) Local currency US currency posted negative returns for the quarter, underperforming developed markets including 4.53 the US. Value 3.44 The value effect was positive, particularly in large -0.04 caps in emerging markets. Large Cap -1.09

Small caps underperformed large caps. -2.88 Small Cap -4.21

-4.36 Growth -5.38

World Market Capitalization—Emerging Markets Period Returns (%) * Annualized Asset Class YTD 1 Year 3 Years** 5 Years** 10 Years** Value -4.28 2.27 11.55 2.04 4.53 Large Cap -7.68 -0.81 12.36 3.61 5.40 11% Growth -10.94 -3.89 13.03 5.08 6.18 Emerging Small Cap -12.30 -4.20 7.43 2.72 7.43 Markets $5.8 trillion

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: Large Cap (MSCI World ex USA Index), Small Cap (MSCI World ex USA Small Cap Index), Value (MSCI World ex USA Value Index), and Growth (MSCI World ex USA Growth Index). All index returns are net of withholding tax on dividends. World Market Cap represented by Russell 3000 Index, MSCI World ex USA IMI Index, and MSCI Emerging Markets IMI Index. MSCI World ex USA IMI Index is used as the proxy for the International Developed market. MSCI data © MSCI 2018, all rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. www.rathbonewarwick.com Select Country Performance [Third Quarter 2018 Index Returns]

In US dollar terms, Israel, the US, and Sweden recorded the highest country performance in developed markets, while Ireland and Belgium posted the lowest returns for the quarter. In emerging markets, Thailand and Qatar recorded the highest country performance, while Turkey, Greece, Egypt, and China posted the lowest performance.

Ranked Developed Markets Returns (%) Ranked Emerging Markets Returns (%)

Israel 8.53 Thailand 14.91 US 6.94 Qatar 11.64 Sweden 6.44 Poland 9.31 Switzerland 6.35 Mexico 7.49 Norway 6.13 Russia 5.62 Japan 2.97 Brazil 5.08 France 2.48 Taiwan 4.41 Finland 1.96 Hungary 4.07 Singapore 1.95 Czech Republic 3.48 New Zealand 1.90 Malaysia 3.22 Denmark 1.34 UAE 2.54 Austria 0.73 Korea 0.79 Canada 0.59 Indonesia 0.39 Germany -0.59 Philippines 0.15 Australia -0.91 Chile -1.60 Netherlands -1.46 Peru -2.18 Hong Kong -1.54 Colombia -3.73 Portugal -1.74 India -4.30 UK -2.00 Pakistan -4.34 Spain -2.21 South Africa -6.93 Italy -3.59 China -7.65 Belgium -4.19 Egypt -10.88 Ireland -5.42 Greece -13.36 Turkey -20.89

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Country performance based on respective indices in the MSCI World ex US IMI Index (for developed markets), MSCI USA IMI Index (for US), and MSCI Emerging Markets IMI Index. All returns in USD and net of withholding tax on dividends. MSCI data © MSCI 2018, all rights reserved. UAE and Qatar have been reclassified as emerging markets by MSCI, effective May 2014.

www.rathbonewarwick.com Select Currency Performance vs. US Dollar [Third Quarter 2018 Returns]

In developed markets, currencies recorded mixed results vs. the US dollar. The Canadian dollar and the Swiss franc appreciated over 1.5% vs. the US dollar, but the Japanese yen and Australian and New Zealand dollars all each depreciated more than 2%. In emerging markets, most currencies depreciated against the US dollar. The Turkish lira fell over 20%, but the Mexican Peso appreciated more than 5%.

Ranked Developed Markets (%) Ranked Emerging Markets (%)

Canadian dollar (CAD) 1.77 Mexican peso (MXN) 5.12 Thailand baht (THB) 2.44 Swiss franc (CHF) 1.65 Poland new zloty (PLN) 1.57 Hungary forint (HUF) 1.23 Israel shekel (ILS) 0.67 South Korean won (KRW) 0.47 Swedish krona (SEK) 0.59 Czech koruna (CZK) 0.38 Taiwanese NT dollar (TWD) -0.15 Hong Kong dollar (HKD) 0.26 Egyptian pound (EGP) -0.17 Norwegian krone (NOK) 0.09 Peru new sol (PEN) -0.73 Colombian peso (COP) -1.09 Singapore dollar (SGD) -0.21 Philippine peso (PHP) -1.23 Euro (EUR) -0.52 Chilean peso (CLP) -1.30 Pakistani rupee (PKR) -2.20 Danish krone (DKK) -0.61 Malaysian ringgit (MYR) -2.39 South African rand (ZAR) -3.14 British pound (GBP) -1.23 Brazilian real (BRL) -3.66 Australian dollar (AUD) -2.07 Chinese yuan (CNY) -3.71 Indonesia rupiah (IDR) -3.84 New Zealand dollar (NZD) -2.08 Russian ruble (RUB) -4.26 Japanese yen (JPY) -2.48 Indian rupee (INR) -5.48 Turkish new lira (TRY) -23.74

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. MSCI data © MSCI 2018, all rights reserved.

www.rathbonewarwick.com Real Estate Investment Trusts (REITs) [Third Quarter 2018 Index Returns]

Ranked Returns (%) US real estate investment trusts outperformed non-US REITs in US dollar terms.

US REITs 0.72

Global REITs (ex US) -1.41

Total Value of REIT Stocks

Period Returns (%) * Annualized

41% Asset Class YTD 1 Year 3 Years** 5 Years** 10 Years** World ex US $459 billion 59% Dow Jones US Select REIT Index 2.56 4.59 6.88 9.14 7.21 240 REITs US (21 other $656 billion S&P Global ex US REIT Index (net div.) -2.88 3.39 5.66 4.18 5.40 countries) 98 REITs

Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Number of REIT stocks and total value based on the two indices. All index returns are net of withholding tax on dividends. Total value of REIT stocks represented by Dow Jones US Select REIT Index and the S&P Global ex US REIT Index. Dow Jones US Select REIT Index used as proxy for the US market, and S&P Global ex US REIT Index used as proxy for the World ex US market. Dow Jones data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. www.rathbonewarwick.com Commodities [Third Quarter 2018 Index Returns]

The Bloomberg Commodity Index Total Return Ranked Returns for Individual Commodities (%) declined 2.02% in the third quarter. Heating oil 5.63 The energy complex led performance. Heating oil Brent crude oil 5.21 gained 5.63%, and Brent oil returned 5.21%. Unleaded gas 4.92 Nickel, the worst-performing commodity, Live cattle 4.55 declined 16.05%. Sugar lost 14.50%, and coffee WTI crude oil 2.73 fell 13.48%. Natural gas 2.34 Kansas wheat 0.03 Lean hogs -1.36 Wheat -2.24 Soybean oil -2.52 Aluminum -3.03 Soybeans -3.92 Corn -4.51

Period Returns (%) * Annualized Gold -5.49 Copper -6.14 Asset Class QTR YTD 1 Year 3 Years** 5 Years** 10 Years** Soybean meal -6.34 Commodities -2.02 -2.03 2.59 -0.11 -7.18 -6.24 Zinc -6.69 Cotton -9.00 Silver -9.75 Coffee -13.48 Sugar -14.50 Nickel -16.05

Past performance is not a guarantee of future results. Index is not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Commodities returns represent the return of the Bloomberg Commodity Total Return Index. Individual commodities are sub-index values of the Bloomberg Commodity Total Return Index. Data provided by Bloomberg. www.rathbonewarwick.com Fixed Income [Third Quarter 2018 Index Returns]

Interest rates increased in the US during the third quarter. The yield on the 5-year Treasury US Treasury Yield Curve (%) Bond Yields across Issuers (%) note rose 21 basis points (bps), ending at 4.00 2.94%. The yield on the 10-year Treasury 4.20 9/28/2018 note increased 20 bps to 3.05%. The 30-year 3.41 3.59 3.00 6/29/2018 3.05 Treasury bond yield rose 21 bps to 3.19%. 9/29/2017 2.00 On the short end of the yield curve, the 1-month Treasury bill yield increased 35 bps to 2.12%, 1.00 while the 1-year Treasury bill yield rose 26 0.00 bps to 2.59%. The 2-year Treasury note yield 10-Year US Municipals AAA-AA A-BBB finished at 2.81% after an increase of 29 bps. 1 5 10 30 Treasury Corporates Corporates Yr Yr Yr Yr In terms of total return, short-term corporate bonds gained 0.71%, while intermediate- Period Returns (%) *Annualized term corporates returned 0.80%. Short- Asset Class QTR YTD 1 Year 3 Years** 5 Years** 10 Years** term municipal bonds declined 0.11%, while Bloomberg Barclays US High Yield Corporate Bond Index 2.40 2.57 3.05 8.15 5.54 9.46 intermediate-term munis dipped 0.06%. ICE BofAML US 3-Month Treasury Bill Index 0.49 1.30 1.59 0.84 0.52 0.34 Revenue bonds (-0.16%) performed in line with ICE BofAML 1-Year US Treasury Note Index 0.41 1.07 1.08 0.74 0.55 0.71 general obligation bonds (-0.14%). FTSE World Government Bond Index 1-5 Years (hedged to USD) 0.17 0.58 0.64 1.04 1.26 1.90 Bloomberg Barclays US Aggregate Bond Index 0.02 -1.60 -1.22 1.31 2.16 3.77 Bloomberg Barclays Municipal Bond Index -0.15 -0.40 0.35 2.24 3.54 4.75 FTSE World Government Bond Index 1-5 Years -0.63 -1.68 -1.39 0.84 -1.16 0.88 Bloomberg Barclays US TIPS Index -0.82 -0.84 0.41 2.04 1.37 3.32 Bloomberg Barclays US Government Bond Index Long -2.82 -5.71 -3.50 0.78 4.41 5.45

One basis point equals 0.01%. Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Yield curve data from Federal Reserve. State and local bonds are from the S&P National AMT-Free Municipal Bond Index. AAA-AA Corporates represent the Bank of America Merrill Lynch US Corporates, AA-AAA rated. A-BBB Corporates represent the Bank of America Merrill Lynch US Corporates, BBB-A rated. Bloomberg Barclays data provided by Bloomberg. US long-term bonds, bills, inflation, and fixed income factor data © Stocks, Bonds, Bills, and Inflation (SBBI) Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). FTSE fixed income indices © 2018 FTSE Fixed Income LLC, all rights reserved. ICE BofAML index data © 2018 ICE Data Indices, LLC. www.rathbonewarwick.com Impact of Diversification [Third Quarter 2018 Index Returns]

These portfolios illustrate the performance of Ranked Returns (%) different global stock/bond mixes and highlight the benefits of diversification. Mixes with larger 100% Stocks 4.40 allocations to stocks are considered riskier but 3.41 have higher expected returns over time. 75/25 50/50 2.43

25/75 1.45

100% Treasury Bills 0.48

Growth of Wealth: The Relationship between Risk and Return

$120,000 Stock/Bond Mix

100% Stocks $100,000 Period Returns (%) * Annualized

10-Year $80,000 75/25 Asset Class YTD 1 Year 3 Years** 5 Years**10 Years** STDEV¹

100% Stocks 4.26 10.35 14.02 9.25 8.77 15.83 $60,000 50/50 75/25 3.56 8.14 10.64 7.08 6.85 11.87

50/50 2.82 5.93 7.31 4.89 4.78 7.91 $40,000 25/75

25/75 2.05 3.71 4.01 2.68 2.58 3.95 100% Treasury Bills $20,000 100% Treasury Bills 1.24 1.50 0.75 0.45 0.27 0.14

$0 12/1988 12/1993 12/1998 12/2003 12/2008 12/2013 9/2018

1. STDEV (standard deviation) is a measure of the variation or dispersion of a set of data points. Standard deviations are often used to quantify the historical return volatility of a security or portfolio. Diversification does not eliminate the risk of market loss.Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect expenses associated with the management of an actual portfolio. Asset allocations and the hypothetical index portfolio returns are for illustrative purposes only and do not represent actual performance. Global Stocks represented by MSCI All Country World Index (gross div.) and Treasury Bills represented by US One-Month Treasury Bills. Globally diversified allocations rebalanced monthly, no withdrawals. Data © MSCI 2018, all rights reserved. Treasury bills © Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). www.rathbonewarwick.com